Welcome to āStock of the Weekā, a recurring series focused on companies experiencing meaningful news flow or changes in their investment case. The objective is not to react to headlines but to understand what is happening beneath the surface and whether recent developments materially affect the long-term investment thesis.
Each article applies the Quality Stocks Investment Framework to assess business quality, return potential and execution, in order to determine whether the stock is Attractive, Conditional, or Unattractive at the current price. A standardized one-pager accompanies each edition to make the decision process clear and easy to follow.
For paid subscribers, Stock of the Week goes a step further by opening up the full reasoning behind the investment thesis and decision process:
Detailed TSR calculations, including all underlying assumptions. This allows investors to understand what must go right for the investment to deliver acceptable returns and to stress-test their own expectations against explicit inputs
My analysis beyond the overall verdict. This provides a deeper insight, enabling investors to form an independent view rather than relying solely on a conclusion
This weekās spotlight is on Adyen. Despite relatively good results the stock dropped 20% after earnings reaching an historically low valuation. Was it justified? Does it offer a buying opportunity? Letās find out!
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One Pager
The stock at a glance
Want to understand how the Quality Stocks Investment Framework works? This article breaks it down for you
Recent news
Net revenue reached 1.27Bā¬ for the second half of 2025, which represents a 17% increase (21% in CC) but fell slightly short of some analyst estimates. Processed payment volumes reached 745Bā¬ for the half-year. This was up 19% YoY but fell short of the consensus target of 771Bā¬
This triggered a 20% stock crash despite a positive note on the EBITDA margin. The primary driver of the sell-off was management's revised 2026 revenue guidance of 20ā22%, a step down from their previous low-to-mid 20s targets
Adyen continues to scale its "Unified Commerce" segment, highlighting successful global expansions with Uber and the rollout of in-store payments for Starbucks across Europe
The company recently launched Personalize, an AI-driven tool designed to allow merchants to customize checkout experiences in real-time to increase conversion rates
Despite the 2026 reset, Adyen reiterated its 2028 goal of maintaining an EBITDA margin above 55%
Recent analyst recommendation updates
February, 13. Bank Degroof Petercam. Hold ā> Buy. 1,300ā¬
February, 13. UBS. Buy. 2,000ā¬ ā> 1,600ā¬
February, 13. JP Morgan. Buy. 2,450ā¬ ā> 1,350ā¬
February, 13. Jefferies. Buy. 1,850ā¬ ā> 1,240ā¬
To go beyond the initial assessment, paid subscribers unlock the detailed TSR calculation with underlying assumptions and my analysis of the situation, providing deeper insight into how recent developments affect risks, opportunities and the overall verdict.
